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right now. roger is with me, former deputy we treasury secretary under bill clinton and chairman of ever corp. partners. and from a vice chairman of the federal reserve he is also the author of "after the music stopped, the financial crisis, the response and the work ahead." gentlemen, it's good to have you on the program. >> good to be here. >> so much to discuss. allen, this week we have the unemployment report in the month of january, in line with expectations. unemployment rate ticking up to 7.9% and the disappointing gdp report. what does that tell you? >> i think if you -- what you need to do is average through the third quarter, which was higher than it should have been. and the fourth quarter, which is lower than it should have been. why do i say that? we have this big mysterious bounce up in defense spending. government spending in general, seems mysterious in the third quarter. then it disappears in the 40 quarter. if you average those two, ditto with inventory. acouple lakes and decumulation. if you average those two, it looks like it's been looking like a sort of a 2% minus g
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